Ongoing changes and scrutiny of fair value highlight ASA’s June 4 event

BVWireIssue #152-3
May 20, 2015

The American Society of Appraisers and the University of Southern California Leventhal School of Accounting will hold the 10th Annual Fair Value conference on June 4 on the USC campus. BVWire spoke with Raymond Rath (Globalview Advisors), who is a co-organizer of the event, along with Thomas Ryan (USC Leventhal School of Accounting). “It will be a full day of timely topics and leading speakers,” says Rath.

One of the trends in this area is the continued change in accounting requirements as related to fair value. The FASB and its Private Company Council continue to focus on this area, and potential changes continue to be discussed. “We’ll have an update from Adam Smith of the FASB,” says Rath. Another big trend is the increased scrutiny on fair value from regulators, notes Rath. The SEC has commented publicly about concerns regarding valuations, and PCAOB inspection reports often note audit deficiencies involving fair value estimates. “George Wilfert of the PCAOB will talk about embedded derivatives, which is one of the leading areas relating to restatements,” says Rath. Wilfert will conduct the session with Rob Dominque (Deloitte LLP).

Conference attendees will hear numerous technical insights and an expanded discussion of the challenges valuators face with fair value estimates. An Audit Panel session with Amanda Miller (EY), Steve Stewart (KPMG), Scott Carmelitano (PwC), and Mark Hayden (Deloitte) will discuss these challenges.

“We also have a session on sports valuation and reporting—a fun topic and a good one to use for explaining pricing and valuation,” says Rath. The recent Los Angeles Clippers and Dodgers deals are very interesting examples. “By the way, The USC Marshall School of Business has a regular publication, Fields of Green, that focuses on sports economics,” he says. This session will feature David Carter (USC Marshall School of Business, Sports Business Institute), Michael Rapkoch (Sports Valuation LLC), and Brian Marler (Houlihan Lokey).

Other topics and speakers include:

  • Beyond preferred stock, Amanda Miller (EY);
  • Pepperdine Capital Markets Survey update, Craig Everett (Pepperdine University); and
  • Takeover premia and leverage, Dan McConaughy (California State University–Northridge).

For more information on the conference or to register, click here.

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